You may already know Farnoosh Torabi. She’s a financial journalist and TV and podcast host who appears regularly on The Today Show, NextAdvisor, Bloomberg Opinion, CNBC and more. She is the author of several books, the most recent of which is When She Makes More: 10 Rules for Breadwinning Women.
“You’ve got to tune out all of these external ideas of what is expected of you. As a couple, you really need to sit down and think about, how can we provide for this family in ways that are substantial and meaningful?”
In addition to running her own business, Farnoosh is a wife and mom to two kids. She and her family live in New Jersey.
ABOUT THE GUEST:
Farnoosh Torabi is one of America’s leading personal finance authorities. She is the oldest child of immigrant parents from Iran, and her family talked about money often, which inspired her to facilitate similar conversations for others. She is now a contributing editor at Oprah Magazine and NextAdvisor and host of a primetime series for CNBC. She lives in New Jersey with her husband and two kids.
Social, website, book link:
So Money Podcast: podcast.farnoosh.tv or wherever you listen to podcasts
- Farnoosh was born in Massachusetts to immigrant parents from Iran. As the oldest child, she was often privy to open conversations about household finances. She earned a bachelor’s degree in finance and a master’s degree in journalism, and even as she began establishing herself as a financial journalist, she began creating new income streams for herself.
- Farnoosh was laid off during the Great Recession. She relied on her savings and took six months to try to get her own business off the ground. Within a year, she got speaking gigs, a brand partnership deal and a TV show. She doesn’t think she’ll ever go back to a full-time job.
- As the breadwinner in her household, Farnoosh believes all couples need to practice mutual respect and be mindful of where they source their sense of self-worth. If either partner’s self-worth is tied to career success, successful couples are able to organize their lives so that each person can focus on their work as much as they want to.
- Men and women both experience cultural pressure to perform certain roles. Together, Farnoosh says, partners need to work to define their personal and family goals for themselves.
- In the last 15 years, the number of resources for individuals and couples seeking to understand and talk about personal finance has exploded. Along with that, Farnoosh believes we’ve become more accepting of all kinds of financial arrangements.
WORDS OF WISDOM:
“To me, being immobile is not progress.”
“What are savings for? If savings are not to afford you options and a little bit of peace, so that you can evaluate your options and gather your thoughts and be strategic in your life when things don’t go your way, then what are you saving money for?”
“I think there’s a lot to envy about a consistent job, and working with a team can be really rewarding… there’s a lot of benefit from having a consistent job. But it’s almost like having roommates and then living by yourself. Once you live by yourself, you can’t go back to living with roommates.”
“If you see yourself represented on television, there’s something that happens — a sense of pride, excitement, trust. Everybody wins when that happens.”
“We sometimes go into marriage with very strict ideas of what it means to be successful… so you’ve got to tune out all of these external ideas of what is expected of you. As a couple, you really need to sit down and think about, how can we provide for this family in ways that are substantial and meaningful?”
“If the desire is there to enhance your financial life, you are so supported. We talk about money and more… I’m optimistic that we can make better inroads because of the fact that we’re talking about money more than ever.”
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